I grew up in the 80s and 90s and remember spending a lot of time unsupervised going about wherever and doing all sorts of wild things well before I was 7 years old. Looking back now as a parent it is absolutely terrifying to me what I was "allowed" to do. Then again when I think about the Norma in countries like Japan (where it is not uncommon to see kindergarten kids walking home by themselves and crossing streets and intersections), I am reminded that kids can develop independently to a great tune than we give them credit for. I don't know about Japanese kids materials levels but I've noticed that they are typically given more freedoms to act independently and spend a lot more time on outdoor and social activities. If I had to guess I'd say they are a lot less materialistic than their Western counterparts.
As for my own child, I try to let him be independent even at 1 year. For example, we have a TV stand that any parent would be terrified if their kid climbed on it. I was terrified at first but then with some observation and secret supervision I let him climb it. To my surprise he quickly learned how to turn around and get down safely. There was only a single time when he fell from it sideways unhurt, but now he goes up and down like a pro without any supervision. I can leave the room knowing he will always get down fine. To what effect independence will have an impact on materialism remains to be seen but I suspect one of the commenters is right on the money with mirroring behavior and values.